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Darius Lewington, solicitor in the Lexis®PSL Corporate team, outlines what companies and lawyers need to know about the recent discussion paper from the National Association of Pensions Funds (NAPF) on the subject of companies’ reporting of workforce matters.
Where is the workforce in corporate reporting?
The National Association of Pension Funds (NAPF) has published a discussion paper looking at how companies are currently reporting in their annual report and accounts on workforce matters and making suggestions for how such reporting could be improved.
All companies (other than small companies) must prepare a standalone strategic report, separate from the directors' report, for financial years ending on or after 30 September 2013. The regulations require the strategic report to include, among other issues, information about the entity’s employees. However, such information is only required if it is considered necessary for an understanding of the development, performance or position of the company’s business.The EU Accounting Directive 2013/34/EU (the Accounting Directive) set out a new regime for the form and content of annual financial statements and was implemented in the UK by the Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015. Companies will be required to apply the new financial reporting framework for financial years commencing on or after 1 January 2016.
The Accounting Directive reflects very closely the UK’s strategic report regulations and will require companies to disclose in their annual report information on:
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